First-quarter profits pressured despite strong ethylene margins

2:22 PM MDT | May 21, 2013 | CW Staff

Financial results from commodity and diversified firms continue to reflect persistent weakness in the global economy, although expanding ethylene margins have helped many stave off steep declines. Nova Chemicals reports first-quarter earnings of $185 million, down 1.6% year-on-year (YOY). Revenue for the quarter totaled $1.25 billion, down 6.7% YOY, from $1.34 billion. Nova attributes the lower earnings to the $22-million write-off of an unamortized discount related to early repayment. Increased margins in the olefins/polyolefins business unit offset the...